Luxury apartments planned for development in Chandler

A 322-unit luxury-apartment community is planned for 18 acres near the southwestern corner of Arizona Avenue and Queen Creek Road in Chandler.

Investment Property Associates bought the site for $3.5 million, or about $194,000 per acre.

The buyer and P.B. Bell Cos. of Scottsdale plan to work together to develop a garden-style community to be called Campanello. The units will be in two- and three-story buildings containing a mix of one-, two- and three-bedroom apartments ranging in size from about 727 to 1,258 square feet covered by 9-foot ceilings.

Amenities will include detached garages, covered parking, two pools, three spas, a putting green, clubhouse with a theater, an exercise facility and picnic areas with grills.

The complex will be part of Chandler Center, a mixed-use development of more than 50 acres that will include offices, retail shops and a hotel.

Investment Property Associates was represented by Cindy Cooke and Brad Cooke of the Phoenix office of Colliers International.